Westpac hikes rates

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    Big Four bank Westpac has followed CBA by increasing interest rates on two of its fixed rate mortgages. The 10 basis point increase will be copied across the group so that borrowers from St George, Bank of Melbourne, RAMS and Bank SA will all be affected.

    The mortgages that the 0.1% increase applies to will be its two and three year fixed home loan.

    “This is a warning that if your clients are thinking of fixing, now is the time,” said managing director Justin Kennedy. “The only way for fixed rates now is up.”

    “In making this decision, we took into account multiple factors including the need to manage pricing changes in a sustainable way,” a spokeswoman for Westpac told the AFR.

    “We are in a record low interest rate environment and continue to offer competitive home loan rates for customers.”

    “There are still plenty of great options in the market,” said Kennedy. “Now is the time to see a mortgage broker to check what your options are.”

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